In a surprising turn of events, Montana and Idaho have surpassed California as the most unaffordable states for homebuyers since the start of the pandemic. According to recent data, housing prices in these two states have skyrocketed, leaving many potential homeowners struggling to afford a place to live.
The sudden shift in affordability has caught many by surprise, as California has long been known for its high housing prices. However, the COVID-19 pandemic has led to an exodus from major cities like San Francisco and Los Angeles, causing a surge in demand for housing in more rural areas like Montana and Idaho.
As a result, median home prices in both Montana and Idaho have seen a significant increase in the past year. This has put pressure on buyers, especially first-time homeowners, who are now faced with the challenge of finding a home within their budget.
Industry experts attribute this trend to a combination of factors, including low interest rates, a shortage of inventory, and an influx of out-of-state buyers looking for more space and a change of scenery. While these factors have contributed to the hot housing market in Montana and Idaho, they have also made it increasingly difficult for local residents to compete when it comes to purchasing a home.
As the real estate market continues to heat up in these states, it remains to be seen how affordable housing will become for the average homebuyer. In the meantime, prospective buyers are advised to carefully consider their options and work with a knowledgeable real estate agent to navigate the challenging market conditions.
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